MrInsurability May 17, 2017 No Comments

10 Considerations When Buying Data Breach Insurance

10 Considerations When Buying Data Breach InsuranceWe have been talking quite a lot lately about data breach insurance. Since there is more than one type of computer attack, we can also use the term cyber insurance. It’s obvious that every business needs this coverage, but like any purchase, there are questions and concerns. So, let’s look at the 10 Considerations When Buying Data Breach Insurance.

As one might expect, interest in this coverage increases with every report of a major computer breach.

Aside from the increasing number of reported breaches, regulatory pressures from the government are driving the need for coverage. In the USA, the Securities and Exchange Commission requires publicly traded companies to disclose their cyber risks. They must also provide proof of any insurance coverage they have. Read more

MrInsurability May 15, 2017 No Comments

The Need for Data Breach Insurance

The Need for Data Breach InsuranceToday I’d like to look at one example of the need for data breach insurance. Although this event took place outside the USA, it shows what can happen when insurance coverage is not available.

Yapizon, a South Korean bitcoin exchange firm, was hacked and the result was a $5 million loss to its users. That amount added up to about 37% of the bitcoin exchange’s total user funds, according to Yapizon’s legal team.

Can you guess how the company decided to handle this disaster? Read more

MrInsurability May 11, 2017 No Comments

Loss of Attraction and Active Shooter Insurance

Loss of Attraction and Active Shooter InsuranceToday is the second part of our last post. This part we’ll call Loss of Attraction and Active Shooter Insurance coverage.

As we saw last time a business has some recourse if their insurance includes terrorism coverage. The problem is that most don’t. Now, we can add to that another event that has become too frequent in the U.S., an active shooting. This too has created the need for a new kind of business coverage, active shooter insurance.

We have discussed this on a few posts in the past, but today we’ll take a different approach to it. That approach is that an active shooting can also be a terrorist attack! Read more

MrInsurability May 10, 2017 No Comments

Loss of Attraction Insurance

Loss of Attraction InsuranceIn the next 2 posts I’d like to talk about a newer form of insurance called Loss of Attraction Insurance.

This coverage is for businesses that may lose a substantial amount of income due to being located by an airport. As you will learn, any business located near a prime terrorist target will benefit from this coverage.

The threat of terrorist attack can cause flight cancellations and even airport shutdowns. This in turn can cause a major loss of income for nearby businesses. Read more

MrInsurability May 10, 2017 No Comments

Changing Car Insurance Companies

changing car insurance companiesToday, let’s take a look at something that we all face at times and that is changing car insurance companies.

Maybe you’ve bought a new car, got married, moved, had an accident or graduated from school. No matter what the change, it’s time to check your insurance coverage.

Any major change, like the ones mentioned, could mean saving on your car insurance. It could also mean that a better deal becomes available somewhere else.

As an insurance producer, I never want to lose a customer. But, if someone can get more for less somewhere else, how can I say don’t go? Read more

MrInsurability May 2, 2017 No Comments

Ransomware a for Hire Business

ransomware a for hire businessRansomware a for Hire Business is not a typical post about insurance itself. It is however an urgent reason to get insurance. Read on and you’ll see why!

Just when you thought things couldn’t get much worse, we see this: “ransomware a for hire business”. Yes, the dark web now has cyber-criminals offering their services hacking a company’s systems, just to install ransomware.

Karmen is the name of the latest ransomware being offered by a Russian hacker. For a fee, this cyber-criminal will hack a company and install Karmen ransomware. Read more

MrInsurability April 30, 2017 No Comments

Ransomware Attacking Businesses

Ransomware Attacking BusinessesUp until now our discussion has been about ransomware on home computers. Today I’d like to look at ransomware attacking businesses as well.

As mentioned in a previous post, systems infected with ransomware are also often infected with other malware. You may remember the ransomware CryptoLocker.

CryptoLocker also comes with Upatre, a downloader, which infects the user with GameOver Zeus. GameOver Zeus is a variation of the Zeus Trojan, which steals banking information, along with other types of data. Read more